News Archive - Page 14 of 35 - The Banking Association South Africa

News

Covid-19 Opinion

South African banks have done a huge amount over the last few months to support their customers and the economy of the country during the Covid-19 pandemic and national lockdown.

Islamic Finance Conference

Islamic Finance Update June

The value of Islamic financial services products grew strongly in the period to June 2020, with the deposits reaching R37 billion (2018: R23 billion) and loans and advances amounting to R14.6 billion (2018: R10.6 billion), according to data from the South Africa Reserve Bank.

September Update: COVID-19 Loan Guarantee

There has been an increase in the rate of uptake in the Covid-19 Loan Guarantee Scheme, despite demand for credit from the private sector continuing to slow, due to uncertain business conditions, unreliable electricity supply and a weak economy.

August Update: COVID-19 Loan Guarantee

Despite uncertain business conditions and a weak economy reducing demand for credit, South African banks have been able to provide a cumulative R46,22 billion – in financial relief and loan guarantees – to South African businesses and individuals who are financially distressed due to the Covid-19 pandemic and national lockdown, up to 15 August 2020.

Bank Support Measures

The Minister of Finance, Mr Tito Mboweni, on the 19th of August met with the Board of the Banking Association South Africa to discuss measures banks were taking to support the economy as the country moved to Level 2 of the Covid-19 lockdown.

COVID-19 Loan Guarantee Update

The Covid-19 Loan Guarantee Scheme was set up to help ease some pressure off qualifying businesses negatively affected by low economic activity following the global lockdown imposed to reduce the spread of COVID-19. It has been reviewed to make it easier to access. Some of the changes include that bank credit assessments and loan approvals will be more discretionary and less restrictive, in line with the objectives of the scheme. In addition, clients are now being able to access the loan over a longer period.

COVID-19 Loan Guarantee FAQ

The Covid-19 Loan Guarantee Scheme provides loans, substantially guaranteed by government, to eligible businesses to assist them during the COVID-19 pandemic. Funds borrowed from this scheme, through the banking industry, can be used for operational expenses, such as salaries, rent and lease agreements and contracts with suppliers.

Regulation for Big Tech

IBFed) and Oliver Wyman published their joint report titled “Big-Banks-Bigger-Techs-How-policy-makers-could-respond-to-a-probable-discontinuity”. The report shows how authorities worldwide face the difficult challenge of ensuring that regulation and supervision protects consumers and systemic stability while capturing the benefits of innovation and competition.This IBFed report shows how authorities face the challenge of protecting consumers and systemic stability while capturing the benefits of innovation and competition.

July Update: COVID-19 Loan Guarantee

South African banks have so far approved more than R30,6 billion in relief to individuals and businesses affected by the Covid-19 pandemic and national lockdown. Separately, over R10, 6 billion has been extended to distressed businesses under the Covid-19 Loan Guarantee Scheme.